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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 22
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 22

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — HUL, Grasim Industries, and Tata Steel

Stock market today: The Indian stock market sentiment has improved after the pullback rally on Friday because the Nifty 50 index has ended above the 50-DEMA of 22,110, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Indian stock market sentiment has improved after the pullback rally on Friday because the Nifty 50 index has ended above the 50-DEMA of 22,110, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: On account of weak global market sentiments on rising fear of the Iran-Israel war, the Indian stock market ended its four-week winning streak and finished lower on Friday last week. However, Dalal Street ended higher on Friday after losing on all sessions in the week gone by. The Nifty 50 index finished 151 points higher at the 22,147 level, the BSE Sensex gained 599 points and closed at the 73.088 mark whereas the Bank Nifty index scaled 504 points north and ended at the 47,574 level. In the broad market, the small-cap index finished with a weekly loss of 1.73 percent whereas the mid-cap index corrected over 3 percent in the truncated week that ended last Friday.

Vaishali Parekh's stock recommendations

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has improved after the pullback rally on Friday. The Prabhudas Lilldher expert went on to add that the Nifty 50 index has ended above the 50-DEMA of 22,110 after it formed a double bottom at around 21,800 level. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today — Hindustan Unilever Ltd or HUL, Grasim Industries, and Tata Steel.

Also Read: Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — April 22

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index opened with a bearish outlook near the 21,800 zone almost with a double bottom formation recovered strongly to move past the significant 50-DEMA level of 22,110 zone to improve the bias and sentiment to some extent. With volatility still expected the index needs to move past the 22,350 zones decisively to establish conviction and anticipate further rise in the coming days."

"The Bank Nifty index produced a strong bullish candle regaining from 46,600 levels to end on a positive note near the 47,600 zones moving above the important 50-DEMA level of 47,180 zones and with sentiment a little bit improved can expect for further rise," said Parekh.

Vaishali Parekh of Prabhudas Lilladher went on to add that Nifty today has immediate support placed at 22,000 levels while the resistance is seen at 22,300 levels. Bank Nifty would have a daily range of 47,100 to 48,000 levels.

Vaishali Parekh's stocks to buy today

1] HUL: Buy at 2231, target 2310, stop loss 2185;

2] Grasim Industries: Buy at 2273, target 2350, stop loss 2225; and

3] Tata Steel: Buy at 162, target 170, stop loss 158.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 22 Apr 2024, 06:43 AM IST
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